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SINGAPORE, Aug 31 (Reuters) Gold held near New York levels on Friday ahead of a speech by U.S. Federal Reserve Chairman Ben Bernanke, which may offer clues about prospects for an interest rate cut and give precious metals markets new direction.

-- Spot gold was at $664.60/665.50 an ounce, barely moved from $664.70/665.50 late in New York on Thursday, when it dropped nearly $2 due to weakness in equities markets and a firm dollar.

-- The new benchmark August 2008 gold futures on the Tokyo Commodity Exchange rose 11 yen per gram to 2,503 yen on a weaker yen.

-- The yen fell on Friday as expectations of yen selling linked to launches of mutual funds weighed on the Japanese currency, while concerns about troubled credit markets kept other investors' risk appetite low.

-- Dealers awaited Bernanke's speech later in the day for clues about prospects for a cut in the central bank's benchmark federal funds rate.

-- Bernanke said on Wednesday the Fed was ''prepared to act as needed'' to ensure credit market problems do not adversely affect the economy, fuelling speculation for a rate cut.

-- The dollar inched up to 116.00 yen , while the euro rose to $1.3666 .

-- Platinum rose to $1,259/1,264 an ounce from $1,256.50/1,263.50 late in New York.

-- Palladium rose to $327/332 an ounce from $325/329 late in New York.

-- Silver edged up to $11.79/11.82 an ounce from $11.75/11.78 an ounce.

Reuters RKM VP0707